“The immediate spheres of such coordination (between G20 member countries) are macroeconomic policies and exit strategies, pace of regulatory reforms to ensure financial stability without affecting prospects of growth, keep international trade open and avoiding protectionism,” said Finance Minister Pranab Mukherjee on the sidelines of a conference on financial crisis in New Delhi.

His remarks seemed to be an indirect reaction to the recently announced protectionist policies by the US administration as India, which is set to take part in G20 summit to be held in South Korea on Nov. 11 and 12, is upset about it.

Washington recently decided to raise visa fee for H-1B and L1 categories. The move is expected to hurt the $50-billion Indian IT market, which garners a major chunk of revenues from American companies.

Separately, the state of Ohio in the US earlier this month banned outsourcing of state IT contracts to foreign companies. The ban has come as a disappointment to India and the move is “not welcome at all,” said Commerce Minister Anand Sharma.

Mukherjee, who earlier boasted that India was the second-largest growing economy after China and pointed out that its GDP will grow between 8.5 percent and 8.75 per cent in 2010, said the country may achieve nine percent growth in the fiscal year 2011-12.

“For the current year we have not revised our projections of achieving the growth rate of 8.5 per cent despite achieving the growth of 8.8 per cent in the first quarter of the current financial year,” he said.

Mukherjee urged banks to cater non banking people, particularly in rural areas to achieve the target of providing financial and banking services to all the habitations of population of more than 2,000 and above by the year 2012.

India, Asia’s third-largest economy and a member of a group of 20 countries that comprises both developed and developing nations, will have to remain alert as the global economic crisis is not yet over, he said.

“As clearly indicated by the current global crisis, no country is insulated from global economy and the crisis is turning out to be much deeper and broader than expected,” said Mukherjee. “We will have to stay alert as India is not alienated from the global situation.”

Mukherjee, who will visit the US next month to take part in an annual IMF- World Bank meeting, was echoing the recent global forecast by the International Monetary Fund that said the recovery in Europe, Canada and North America will be delayed.

The IMF-World Bank meeting, which among other things will discuss increasing importance of emerging economies such as India, will take place In Washington from Oct. 8-10.